Snap Shares Plunge 14% After Missing Q4 Estimates

Snap ($SNAP@US) shares dropped more than 14 percent in Tuesday’s premarket trading after missing fourth-quarter revenue estimates, the third consecutive disappointing earnings report posted by the company. The social media company’s earnings per share were 14 cents compared to the 11 cents expected, and its revenue was $1.30 billion versus the $1.31 billion expected. Its daily active users were 375 million versus the 375.3 million expected, and its average revenue per user was $3.47 versus the $3.49 expected. Like other companies in its field, Snap saw its ad business decline in 2022 amid a slowing economy.